|Bid||17.40 x 427900|
|Ask||17.40 x 8100|
|Day's range||17.39 - 18.11|
|52-week range||13.42 - 21.61|
|Beta (3Y monthly)||1.33|
|PE ratio (TTM)||23.23|
|Earnings date||12 Nov 2019|
|Forward dividend & yield||0.27 (1.49%)|
|1y target est||23.20|
* European shares rise slightly * Focus on Federal Reserve policy decision * UBS downgrades luxury sector to neutral * Logistics stocks fall after FedEx warning * Wall Street ticks lower Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: rm://firstname.lastname@example.org CLOSING SNAPSHOT: HOLD ON TIGHT (1622 GMT) European stocks managed to eke out small gains on Wednesday as investors readied for the Federal Reserve to cut rates by 25 basis points, but with the U.S. economy chugging along at a pretty decent rate the accompanying update might not be as dovish as many have hoped for.
* European shares rise slightly * Focus on Federal Reserve policy decision * UBS downgrades luxury sector to neutral * Logistics stocks fall after FedEx warning * Wall Street ticks lower Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: rm://email@example.com SPAIN: GETTING HARDER TO RECOVER (1609 GMT) Spanish assets showed muted reaction to Madrid politicians failing to form a government. It is unlikely to lead to a strong, stable government able or willing to undertake major structural reforms," says Roberto Ruiz, chief investment officer for Spain at UBS.
Saudi oil output is said to be returning to normal by the end of the month end, so the market mood improved a like gold and bonds. Bond yields are flat to lower on the day and stock markets in Europe are opening lower after a similarly weak session in Japan. The Federal Reserve will almost certainly announce a quarter-point rate cut at 1800 GMT.
(Bloomberg) -- Germany will finally get another major listed tech company when software maker TeamViewer AG completes a 2.3 billion-euro ($2.5 billion) initial public offering this month -- the biggest in the industry in almost two decades.While Germany has several established tech companies, including software giant SAP SE, there have been few sizable newcomers since chipmaker Infineon Technologies AG listed in 2000. TeamViewer will provide a boost to the weakest European IPO market in years and comes as Germany’s economy teeters on the brink of a recession. The share sale, which is oversubscribed, will be the country’s largest so far this year.Founded in 2005, TeamViewer has developed from a local provider of remote computer access tools to one that offers connectivity to customers in about 180 countries. The company plans to further expand in Europe, Asia and the U.S., and will add to its offerings for large corporate customers to help them connect anything from mobile phones and tablets to machine sensors, smart farming equipment or wind turbines.With a sudden influx of new offerings in Europe, IPO investors have a lot to choose from. Apart from TeamViewer, private equity firm EQT Partners AB is also marketing its initial public offering, with a management roadshow kicking off next week. On Thursday, Helios Towers Plc -- one of sub-Saharan Africa’s largest mobile-phone tower operators -- announced plans to list on the London Stock Exchange.TeamViewer’s owner, private equity firm Permira, plans to sell as many as 84 million shares for 23.50 euros to 27.50 euros each via holding firm TigerLuxOne, the company said late Wednesday. TeamViewer stock is expected to start trading on the Frankfurt Stock Exchange on Sept. 25.The price range would give the company a market value of between 4.7 billion euros and 5.5 billion euros. Bloomberg News previously reported the valuation could be 4 billion euros to 5 billion euros. The listing will improve TeamViewer’s brand recognition and make it easier for it to grow organically and via “selected acquisitions,” spokeswoman Martina Dier said.TeamViewer may hire more people in the U.S. and opened offices in China, Japan, India and Singapore last year to expand sales in those markets. In China alone, TeamViewer has “tens of millions” of free users, more of whom the company wants to convert into paying customers, according to Chief Executive Officer Oliver Steil.“Our big growth combined with strong profitability -- even if market conditions have been difficult -- makes our financial profile attractive to investors,” Steil said in an interview last month.TeamViewer’s cash billings grew more than 35% in the first half, faster than last year’s 25% growth, to over 140 million euros, the CEO said. The company posted a cash operating profit margin of more than 50% during the period. It says its software has been installed on more than 2 billion devices.Permira bought the company for 870 million euros in 2014. It has since partnered with firms including Alibaba Group Holding Ltd. and Salesforce.com Inc. to bolster its cloud offerings.The free float, a measure of company stock available to trade, will be 30% to 42%, depending on the size of the IPO, according to the statement.Goldman Sachs Group Inc. and Morgan Stanley are arranging the IPO, with Bank of America Corp., Barclays Plc and RBC Capital Markets. Lilja & Co. is acting as an independent adviser to Permira and TeamViewer.(Updates with company comment in sixth paragraph. An earlier version of the story was corrected to remove reference to IPO proceeeds)To contact the reporter on this story: Stefan Nicola in Berlin at firstname.lastname@example.orgTo contact the editors responsible for this story: Dale Crofts at email@example.com, Andrew Blackman, Chris ReiterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
* European stocks rise again: STOXX 600 +0.6% * Beaten-down sectors banks and cars lead charge higher * LSE rallies on Hong Kong merger proposal, up 5% * Apple iPhone launch boosts chipmakers * Casino buoyed by Carrefour takeover report * Wall Street opens higher on upbeat trade move Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: rm://firstname.lastname@example.org WHAT MORE COULD THE ECB DO FOR BANKS? While an end to rate cuts is far from sight and besides the widely expected tiering, Credit Suisse sees scope for more creative measures to cushion the damage of sub-zero interest rates.
* European stocks rise again: STOXX 600 +0.6% * Pan European index hits July 30 high * Beaten-down sectors banks and cars lead charge higher * LSE rallies on Hong Kong merger proposal, up 7.5% * Apple iPhone launch boosts chipmakers * Casino buoyed by Carrefour takeover report Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: rm://email@example.com HEDGE FUNDS: ON THE WRONG SIDE OF THE BRUTAL ROTATION? Among those who could face pain from the brutal move that we've seen this week are hedge funds, unless they've been faster than the market in adjusting their portfolios.
* European stocks rise again: STOXX 600 +0.3% * Beaten-down sectors banks and cars lead charge higher * Apple iPhone launch boosts chipmakers * Casino buoyed by Carrefour takeover report Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: rm://firstname.lastname@example.org OPENING SNAPSHOT: BEATEN-DOWN STOCKS RISE AGAIN (0735 GMT) Miners, banks and cars are leading the march higher across European stock markets this morning, as investors continue to pile into this year's laggards. In another sign that investors are shifting out of this year's best-performing stocks, Zara-owner Inditex's shares are down 2.8%, among the biggest fallers on the STOXX 600 even after delivering an in-line set of results.
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(Bloomberg) -- The owners of software maker TeamViewer GmbH are planning a Frankfurt listing this year that could be the biggest German initial public offering for a technology company in nearly two decades.Permira will sell shares in the listing, planned before year-end, via its holding firm, TigerLuxOne, the company said in a statement Wednesday. TeamViewer could seek a valuation of 4 billion euros ($4.4 billion) to 5 billion euros, people familiar with the matter said previously.Permira could sell 30% to 40% of the company, depending on investor demand, the people said. While Germany has a bevy of established tech companies, including software giant SAP SE, there have been few sizable newcomers since chipmaker Infineon Technologies AG listed in 2000.“It is hard to pick the right moment in time but our big growth combined with strong profitability, even if market conditions have been difficult, makes our financial profile attractive to investors,” TeamViewer Chief Executive Officer Oliver Steil said in an interview on Wednesday. “There is a lot going on in the space and it’s still a bit early, but we will see more tech players emerge in a few years.”TeamViewer and Permira declined to comment on the size of the offering.Europe is grappling with its worst market for IPOs in years. Escalating trade wars and the specter of Brexit has lead to the fewest companies choosing to go public in a decade, according to data compiled by Bloomberg.Read More: Going Public With One Hand Tied Behind Your BackStill, there are signs that the environment is improving. Besides TeamViewer, Helios Towers Plc, one of sub-Saharan Africa’s largest mobile-phone tower operators, and French glass bottle maker Verallia are gearing up to kick off their own European IPOs in the next few weeks, people familiar with the matter have said.Based in Goeppingen in southern Germany and founded in 2005, TeamViewer develops software for collaboration and remote desktop access. Permira bought the company for 870 million euros in 2014. It has since partnered with firms including Alibaba Group Holding Ltd. and Salesforce.com Inc. to bolster its cloud offerings.Financial GrowthTeamViewer’s cash billings grew more than 35% in the first half, accelerating from 25% last year, to more than 140 million euros. It says its software has been installed on more than 2 billion devices.For the full year, the company said it expects billings growth of 35% to 39% and adjusted earnings before interest, taxes, depreciation and amortization of as much as 183 million euros.“Going down the IPO route versus selling means that we can remain an independent player, and it is important for us to sustain our independence,” Steil said.Goldman Sachs Group Inc. and Morgan Stanley are arranging the IPO, with Bank of America Corp., Barclays Plc and RBC Capital Markets. Lilja & Co. is acting as an adviser to Permira and TeamViewer.(Updates with quotes from CEO interview starting in fourth paragraph.)To contact the reporters on this story: Myriam Balezou in London at email@example.com;Aaron Kirchfeld in London at firstname.lastname@example.org;Sarah Syed in London at email@example.comTo contact the editors responsible for this story: Dinesh Nair at firstname.lastname@example.org, Amy Thomson, Giles TurnerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Could Infineon Technologies AG (ETR:IFX) be an attractive dividend share to own for the long haul? Investors are often...
European shares rebounded from six-months lows on Friday, ending a tumultuous week on a positive note as hopes of fiscal stimulus from Germany lifted sentiment and sparked a rally in the battered banks sector, helping them post their best day in 4-1/2 months. Germany's right-left coalition government would be prepared to ditch its balanced budget rule and take on new debt to counter a possible recession, Der Spiegel magazine reported on Friday. Germany's DAX, pressured of late by fears of a slide into recession as trade tensions between the United States and China flare up, rose 1.3%, and German bonds came off lows after the report.
(Bloomberg) -- Semiconductor companies are wincing as consumers around the globe are buying fewer cars amid continuing trade tensions between the U.S. and China.China has been a pain point for the sector as the two countries continue to spar on trade, and chipmakers had braced for slumping demand in the country to dent performance. The automotive sector has emerged as one of the biggest sources of weakness and is now threatening to dampen the chances of a recovery in the latter half of the year.It has so far been an unfortunate year for automakers, as global sales shrank 6.5% from a year earlier in the first quarter of 2019, and 7% in the next three months, according to Bloomberg Intelligence. China led the decline with car sales in the country falling for 12 consecutive months through June, amid slowing economic growth, trade-related turmoil, and a weak consumer demand, exacerbated by newer and stricter emissions rules. With the U.S. and China ratcheting the turmoil up a notch this week, some say the risks of tariffs on auto imports is now higher.Many auto parts suppliers, as well as Ford Motor Co., have reported disappointing results and issued weak forecasts for the year, citing the China slowdown. And now the effect is rippling through the rest of the supply chain, hurting chipmakers and other industrial manufacturers.“China weakness was expected, but in all honesty, we were expecting a trade deal by now,” Piper Jaffray & Co. analyst Harsh Kumar said in an interview. Kumar, who covers semiconductor stocks, said the companies supplying the automotive market were still seeing growth in radar and electrification-related products, while the traditional, gas engine segment is getting hit hard.Most of the automotive chip manufacturers have a larger piece of their business associated with traditional auto, and “that is not doing so well because there isn’t any market share or penetration to be gained; it is simply a units game,” Kumar said, referring to the fewer number of cars being sold.Maxim Integrated Products Inc., which makes chips that are used in various parts of a car including lighting, infotainment and driver assistance systems, said it expected the calendar third quarter to be slow, due to a “soft environment” for automotive production. The company’s battery management systems used in electric vehicles will also have fewer shipments, given the market uncertainty in China, the company said.The concerns were echoed by NXP Semiconductors NV, which makes components that help a car to sense its environment and process that data. Maxim and NXP’s customers include auto suppliers such as Aptiv Plc, Lear Corp. and Visteon Corp. as well as Fiat Chrysler Automobiles NV. Other chipmakers with substantial auto market exposure include Infineon Technologies AG, Analog Devices Inc., Texas Instruments Inc., and Microchip Technology Inc.Meanwhile, Rockwell Automation Inc., which counts both automotive and semiconductor sectors among its customers, saw both markets decline in the quarter ending June 30.“Overall, the combination of production cuts and reductions in component inventory is having an significant impact,” Morgan Stanley’s Craig Hettenbach, who covers semiconductors, said in an email interview. The analyst said that while the weakness is most pronounced in China, Europe has also been below expectations from the beginning of the year. “There is a lot of focus on when China will provide incentives to stimulate demand, but company and investor expectations for stimulus are pretty low right now,” Hettenbach said.A respite is not expected anytime soon. According to Moody’s, global vehicle sales are expected to fall 3.8% in 2019, amid further weakening demand in China and Western Europe. The latest round of trade war-related tarriffs could make matters even worse.To contact the reporter on this story: Esha Dey in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Jennifer Bissell-Linsk, Morwenna ConiamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
European shares sank to a two-month low on Monday as a global sell-off spurred by trade tensions deepened, sending China's yuan to its lowest in more than a decade and sinking trade-sensitive mining, luxury and technology stocks. The pan-European STOXX 600 index fell 2.3%, which, taking into account Friday's losses, made for the biggest two-day drop in more than three years as traders dumped shares in favour of perceived safe-havens like government bonds. The yuan's move on Monday was viewed as a clear sign China would not back down in the face of President Trump's threat of new tariffs on imports, meaning the trade conflict may get worse.
A slump in shares of automakers, miners and chipmakers led European stocks to their biggest losses in more than seven months on Friday after Washington's announcement of new tariffs on Chinese goods raised fears of a further hit to global growth. Germany's trade-sensitive DAX index slumped 3.1%, while losses for luxury goods makers, which draw a large part of their revenue from China, dragged down France's CAC 40 by 3.6%. Abruptly ending a temporary trade truce between the two countries, U.S. President Donald Trump said on Thursday he would impose a 10% tariffs on $300 billion of Chinese exports to the United States from September 1, prompting Beijing to warn of retaliation.
(Bloomberg Opinion) -- Smartphone sales may be stagnating, but one particular strand of technological wizardry behind them is not. Companies that make the sensors powering your phone’s camera and facial recognition system are preparing for a mini boom.The slowdown in global smartphone sales has made life tougher for semiconductor makers. Chips giants from Qualcomm Inc. to Samsung Electronics Co. Ltd. have all recently issued disappointing forecasts. Pricing for memory chips is close to an all-time low.One bright spot is the market for 3-D and camera sensors. Smartphone makers are either struggling to find major new innovations, or are holding them back for handsets that are 5G-enabled and can transmit heaps of data very quickly. Meantime, the likes of Apple Inc. and Huawei Technologies Co. Ltd are pushing more incremental design improvements: Bigger displays and better cameras. The displays often require more sensors too, as fingerprint scanners make way for optical sensing systems.That’s good news for the likes of Sony Corp., Infineon Technologies AG, STMicroelectronics NV and AMS AG. All have intimated that the technology is finally gaining some traction, two years after the iPhone X first brought 3-D sensors to a mass market smartphone with Face ID.Both Sony’s and ST Micro’s sensor arms were their fastest growing business in the most recent quarter as they ramped up production for the arrival of new smartphones in the third quarter. AMS bucked the trend of recent years to forecast growth for the rest of the year that exceeds expectations.This new upswell has as much to do with photography as facial recognition. Even as handset sales drop, more advanced and therefore higher margin image sensors are going into the handsets that are still sold.Huawei and Apple have made photography a selling point. The Chinese firm’s P30 Pro is marketed with the tagline “Rewrite the Rules of Photography” and comprises five different cameras, including a front-facing one.That’s boosted demand for both image sensors and 3-D sensors, which are used to improve the focus and depth perception on the back-facing cameras, as well as for facial recognition on the front. Apple’s next top-of-the-range iPhone will include three rear-facing cameras when released later this year, Bloomberg News has reported.Alphabet Inc.’s Google will also release an updated Pixel smartphone that comprises an innovative 3-D motion sensor array that lets users control the handset without touching the screen. Much of the underlying hardware will be supplied by Infineon.It’s a promise that is overdue. AMS had anticipated a far faster return on its significant investment in the technology. It mistimed its spending and the stock has suffered as a consequence. Infineon, Sony and STMicro have invested in a steadier fashion and benefit from the deep pockets that their other businesses afford them.One reason for the recent uptick in adoption is the arrival of a new class of “time-of-flight” sensors. The iPhone’s Face ID relies on a more complex system known as “structured light.” Not only have Apple’s supplier exclusivity agreements made it harder for rivals to imitate its approach, but the technology’s complexity makes it trickier and more expensive to implement.Time-of-flight gear works the way it sounds, by measuring how long it takes for a laser signal to bounce off an object and inferring its topography accordingly. It requires fewer components and is generally more robust, reducing the risk of breakage and therefore wastage in the manufacturing process.STMicro has a close working relationship with Apple, so may benefit most from the next iPhone. Sony works with the Cupertino, California-based firm too, but has also benefited from the rise of Huawei’s smartphone business. Google’s smartphone business remains small, limiting the upside for Infineon, but its handsets become design standards for others that run on the search giant’s Android operating system. That positions Infineon well for further design wins.Usually, new technology gets industrial applications before filtering down to consumers. When it comes to 3-D sensors, it’s the reverse. Companies such as STMicro and Infineon are building relationships with suppliers that will continue when the sensors go into factories in a few years’ time. Yet more devices will go into cars, monitoring driver behavior and attention. Things are looking up.To contact the author of this story: Alex Webb at email@example.comTo contact the editor responsible for this story: Stephanie Baker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.